Cashback rewards are a great incentive where you can receive money back on your purchases. For those of us who love to shop, it’s a great way to be rewarded, but for most of us who have to make regular and necessary purchases - such as buying groceries - it helps to get something back. So if you don’t have a cash back app or you aren’t part of a cashback reward scheme, then you really need to join one.
If you don’t know how or where to get cash back, then this simple guide will help you.
How to get the most from cash back
There are various ways to gain cash back. You can use cashback websites and apps or you can get cash back rewards from credit cards (more on that later.) If you are super savvy and you utilize these resources correctly, then you can save up hundreds of dollars worth of cash back. Image having that amount of money in your account!
One thing you need to bear in mind is this: cashback sites and apps should be free to sign up to. If it’s not, then don’t bother joining.
To gain the rewards, you need to go to the cash back source first then go shopping. For example, if you want to go online shopping, then join and log in to the cashback website. Then go shopping at your favorite store. Your visit is tracked, and once you make a purchase and the transaction is complete, an amount is put into your cashback site. It’s quite a simple process and a great way to get your bonus.
Remember: your cash back bonus isn’t yours until it’s in your bank account. As soon as you’ve reached the minimum threshold for payout, request the transfer of funds to your bank account immediately.
Credit cards and cash back
One of the best ways to get cash back on your purchases is by using a credit card. It’s a fantastic and easy ways to get rewards back on your purchases and you can build up credit at the same time. However, to obtain one you’d need to have good credit, and you’d need to be able to pay it off in full every month.
Some of the best credit cards for generous cash back rewards include:
- Capital One Quicksilver Cash Rewards Credit Card
- Citi Double Cash Card
- Chase Freedom Credit Card
- Chase Freedom Unlimited Credit Card
- Bank Of America Cash Rewards Credit Card
- Chase Sapphire Preferred Credit Card
- American Express Platinum Cashback Credit Card
- American Express Platinum Cashback Everyday Card
Tips for getting cash back from credit cards
Find a credit card that aligns with your needs and interests. You can find credit cards that reward you for grocery shopping or for shopping for clothes at specific outlets.
Choose a cashback card that will pay you the most money back on what you will spend on it. After all, you want to get the most out of cash back and get the biggest return.
Shop around. Find a credit card with the best rewards, perks, and rates.
Check your points on a regular basis. Keep track of how many points your accumulating. Once you’ve acquired enough points over the threshold, transfer the cash into a bank account immediately so that you can claim it.
If you are going to use a credit card for a big purchase, then opt to take out a credit card with the highest cash back rate. For big purchases, select a 0% purchases credit card or a 0% balance transfer credit card.
Watch out for annual fees. Many cash back credit cards don’t charge one, but some do. Credit cards with the highest cashback rates are likely to charge an annual fee. If that’s the case, then avoid a credit card with a fee that is higher than the cashback bonus you’d earn.